Wall St: Dow +0.9% S&P +1.1% Nasdaq +1.2%Brent crude: -0.9% at $US90.10/barrelKey EventMinutes from the Reserve Bank's October meeting show the board considered hiking rates but judged that there was not enough new information to warrant a hike.
Rates have already risen by 400 basis points to an 11-year high and the RBA judged the full effects of that tightening were yet to be felt. On the other side of the arguments, the labour market has reached a turning point, output growth has slowed and it would take some time for the full effects of the tightening so far to be observed in the data.
And prices are expected to provide some silver lining to the lower production totals for Australian farmers, says report co-author, RaboResearch associate analyst Edward McGeoch, with dry conditions in Australia pushing local prices above those globally, to a "positive basis" for wheat and also barley. While global export demand should also be supportive of canola prices.
Winter crop production is expected to decline across all states, except Victoria, where the bank sees it rising by eight per cent from last year.The Australian sharemarket has opened higher, with tech and mining stocks leading the gains.Most sectors were higher except for the consumers.Analysis: Why global financial markets are walking a tightrope
The competition between mortgage lenders to get your business could soon be heating up again, analysts say.
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